集团化运作的融资约束与投资效率研究——基于中国制造业上市公司的经验分析

Financial Constraints and Investment Efficiency of Collectivization——Based on Empirical Analysis of Manufacturing Listed Companies in China

本文以中国A股制造业上市公司为样本对企业集团化运作的后果——融资约束与投资效率进行静态比较和动态分析。研究结果表明:集团化进程有助于缓解企业的融资约束,较低的融资约束导致集团企业存在明显投资过度现象,且随着集团化进程的推进,企业过度投资现象加剧、效率损失较为严重;而独立企业由于受到较高的融资约束,投资不足现象较为突出。融资约束的提高可以在一定程度上约束企业过度投资,从而提高投资效率,这种约束作用对集团企业更为明显,但由于集团企业具有较低融资约束,因此集团企业具有较低的投资效率。

Based on China＇s A-share manufacturing listed companies as samples,this paper statically compares and dynamically analyzes the emerprise collectivization results financial constraims and investment efficiency. The results prove that ：the collectivization process helps to alleviate the financial constraints. Lower financial constraints lead group emerprises to obvious phenomenon of over-investment,and with the advancement of collectivization, over-investment phenomenon and the efficiency loss are more serious. However,under-investment phenomenon of independent enterprises is outstanding due to the high financial constraims. The increase of financial constraims can restrict over-investment of emerprises,which can improve the investment efficiency,and this constraint effect is more apparent to group enterprises. Theretbre,group enterprises have lower lower investment efficiency due to its lower financial constraints.